Small BusinessI-T says unearthed Rs 122cr un-assessed income from ABG
The Directorate General of Income Tax (investigation) today claimed it has unearthed Rs 122 crore "un-assessed" income during its search operations at ship building and repairing major ABG Shipyard"s establishments.
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When contacted ABG Shipyard Chairman Rishi Agarwal denied it.
"The search operations yielded in the unearthing of Rs 122 crore un-assessed income," a senior Income-Tax official said here today.
The I-T department operations, which started on October 7 ended this morning, the I-T official said.
According to the official, the company recently bought a huge land in Dahej, Gujarat, where it is developing its shipbuilding facilities.
The documents of the land deal, on perusal, indicated that it had been undervalued. The documents showed that a large part of the payment for the land was made in cash, the I-T official said.